Step-Up Transformers Market Size, Share, Opportunities, And Trends By Voltage Type (Low Voltage, High Voltage), By Application (Electrical Power Transmission, Electronic Equipment, Generating Stations, Others), And By Geography - Forecasts From 2023 To 2028
- Published : Feb 2023
- Report Code : KSI061614393
- Pages : 135
An electrical device known as a step-up power transformer raises the voltage of an alternating current (AC) electrical power supply. It is a kind of transformer that raises an AC power supply's voltage to a greater level, usually for industrial and commercial uses. A step-up power transformer is used to raise the voltage of the AC power supply when powering a bigger motor, which requires a higher voltage level. It is a transformer that has more secondary winding turns than primary winding turns and raises the voltage from primary to secondary. Due to losses, providing energy to every region would be highly challenging and complex without step-up transformers, which play a crucial role in the electrification process. Due to increased digitalization and population growth during the past few years, electricity consumption has risen. It is projected that rising average energy usage would drive the power transformer market's continuous expansion.
The increase in smart grids globally has given a boost to step-up transformer market growth
The need for step-up transformers has increased as a result of the global adoption of smart grid technologies and the implementation of such grids, a driving factor propelling the market development for step-up transformers is the widespread implementation of smart grids, which needs these transformers for the distribution process as well as the addition and replacement of renewable electricity.
Also, according to the Statistical Review of World Energy, 2022 report by BP the renewable power generation at the global level in 2021 has been 3657.2 TWT which has increased from the previous year by 14.9%, thus this ensures that due to the increase in the power generation, the power grid lines will increase at a rapid pace and thus the market for the step-up transformers will grow.
According to the Ministry of Power of India on Feb 2023 it revealed that from 2014 to 2022 thus around 175 GW of power generation capacity has been added and with the addition of 173459 ckt km of transmission lines to its grid, the entire nation is now connected and can move 112 GW of power from one region to another. This will tend to increase the installation of step-up transformers and will grow this market.
The increase in demand for electricity will boost the global market for step-transformers.
Accelerated industrialization and rising domestic energy consumption are the driving forces behind the rise of the world market for step-up transformers. The electricity demand is rising steadily over the world, which has increased the use of energy resources. There are currently more power plants and extensive transmission networks everywhere. The industry is using more power as a result of the advancement of modern electric vehicles and incentives to use them. Given that most power plants are situated in remote areas, the electricity produced is then sent to the substations through HVDC power transmission lines, which are then delivered to the final customers after step up.
According to the Statistical Review of World Energy, 2022 report by BP renewable energy consumption globally has increased by 12.6 % from 2011 to 2022 and from 2020 34.80 TWH has raised to 31 TWH of consumption. Thus, we can predict that due to the increase in the electricity demand worldwide in increasing year-on-year the demand for step-up transformers will also grow and thus the step-up transformer market.
During the forecast period, Asia-Pacific tends to grow in the step-up transformer market
The need for electricity infrastructure is predicted to rise throughout the projection period, as is the rate of industrialization and urbanization, particularly in China, India, Japan, South Korea, Taiwan Province of China (TPTC), Indonesia, and Malaysia. Consumer electronics items have risen in emerging nations like Thailand and Vietnam due to improving living standards and a growing population, which is expected to fuel regional expansion throughout the projection period.
The most recent United Nations projections place Asia's population at 4,743,946,002 as of Monday, February 6, 2023. The population of Asia is equal to 59.76% of the population of the entire planet this showcases that the demand for consumption is increasing and thus will the step-up transformer market will tend to grow in this region. Over the projection period, the regional market is anticipated to be driven by these nations' expanding manufacturing industries as well as rising commercial building activity.
In November 2021 java - Bali 500kwt power generating and transmission projects are scheduled to begin in 2025, and through this project, Indonesia is viewed as an emerging market in the step-up transformers sector. The goal of this project was to increase the Java-Bali grid's long-term power supply security and efficiency.
Additionally, favorable government rules intended to encourage FDI are anticipated to create new doors for manufacturers in a variety of industries, including the energy industry, which will increase product demand. According to the Ministry of Power 2014, The "Integrated Power Development Scheme" (IPDS) was announced by the Ministry of Power, Government of India, on December 3rd in to prove the power sub-transmission and distribution networks in metropolitan areas. Projects worth Rs. 30,904 crore havcroresn approved under the IPDS as of November 2021. States and Discoms have received GoI Grants totaling 78 crores so far under IPDS. The strengthening of the distribution system has been successfully finished in 524 circles. The goals established and accomplishments realized through the IPDS System include strengthening this shows the growth will propel the step-up transformer market in this region
Market Key Developments.
- In June 2022 Hitachi Energy said that it will supply China Machinery Engineering Corporation (CMEC), the project's EPC (engineering, procurement, and construction) contractor, with a 24-MVA subsea transformer. Hitachi worked with ABB on this project, and ABB is providing its INSUBSEA Long Step-out solution. The transformers are a part of a sizable deal, according to the supplier, for the provision of two subsea OceaniQ transformers, two input transformers, two step-up transformers, and a common step-up distribution transformer.
- In June 2019 ABB Ltd. and the Chongqing Municipal People's Government agreed to construct a smart transformer production facility in Liangjiang New Area in Chongqing. The agreement states that ABB Chongqing Transformer Co., Ltd. would relocate from Jiulongpo District to Liangjiang New Area and set up a top-tier production facility for transformers there. By the end of 2022, the production facility is anticipated to be complete.
- By Voltage type
- Low Voltage
- High Voltage
- By Application
- Electrical Power Transmission
- Electronic Equipment
- Generating Stations
- By Geography
- North America
- South America
- Middle East and Africa
- Suadi Arabia
- Asia Pacific
- South Korea
- North America
1.1. Market Overview
1.2. Market Definition
1.3. Scope of the Study
1.4. Market Segmentation
1.7. Base, and Forecast Years Timeline
2. RESEARCH METHODOLOGY
2.1. Research Data
3. EXECUTIVE SUMMARY
3.1. Research Highlights
4. MARKET DYNAMICS
4.1. Market Drivers
4.2. Market Restraints
4.3. Market Opportunities
4.4. Porter’s Five Force Analysis
4.4.1. Bargaining Power of Suppliers
4.4.2. Bargaining Power of Buyers
4.4.3. Threat of New Entrants
4.4.4. Threat of Substitutes
4.4.5. Competitive Rivalry in the Industry
4.5. Industry Value Chain Analysis
5. STEP-UP TRANSFORMER MARKET ANALYSIS, BY VOLTAGE TYPE
5.2. Low Voltage
5.3. High Voltage
6. STEP-UP TRANSFORMER MARKET ANALYSIS, BY APPLICATION
6.2. Electrical Power Transmission
6.3. Electronic Equipment
6.4. Generating Stations
7. STEP-UP TRANSFORMER MARKET ANALYSIS, BY GEOGRAPHY
7.2. North America
7.3. South America
7.5. Middle East and Africa
7.5.1. Suadi Arabia
7.6. Asia Pacific
7.6.3. South Korea
8. COMPETITIVE ENVIRONMENT AND ANALYSIS
8.1. Major Players and Strategy Analysis
8.2. Emerging Players and Market Lucrativeness
8.3. Mergers, Acquisitions, Agreements, and Collaborations
8.4. Vendor Competitiveness Matrix
9. COMPANY PROFILES
9.3. General Electric
9.4. Schnieder Electric
9.5. Trutech Products
9.8. Southwest Electric Co
9.9. Olsun Electrics
9.10. Electric Power Inc
Southwest Electric Co
Electric Power Inc
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